All Forum Posts by: Kristine Cotton
Kristine Cotton has started 4 posts and replied 10 times.
Post: Looking for creative financing ideas
- Investor
- Atlanta, GA
- Posts 11
- Votes 3
Quote from @Ken M.:
Quote from @Kristine Cotton:
Hi, we are new to creative financing and looking to ways to purchase a multi family property from a FSBO however we are not sure where to begin on what to offer the seller to make the deal attractive to them. We have heard of giving the seller a down payment and then paying them monthly for a period of time until we are able to refinance but what does that look like? Is there any advice someone can give us or provide example deals that you would be willing to share on how this works? Many thanks in advance!
If the seller is willing, there are many ways to do this deal. You have to find out how much cash they want up front, first. If they want to be "cashed out" they have to change their mind for creative financing to work. You can offer them slightly more than they are asking for if they own the property out right and if you can provide the minimum amount hey need right now, with the rest later.
(Whatever you do, make sure you get a title report to make sure they are the owners and have the right to sell and that they aren't holding back any liens on the property you don't know about) We walk people through the process and of course it costs a few bucks. But, you might be able to piece together enough information scouring Bigger Pockets and avoiding the things people did to lose their investment.
Post: Looking for creative financing ideas
- Investor
- Atlanta, GA
- Posts 11
- Votes 3
Hi, we are new to creative financing and looking to ways to purchase a multi family property from a FSBO however we are not sure where to begin on what to offer the seller to make the deal attractive to them. We have heard of giving the seller a down payment and then paying them monthly for a period of time until we are able to refinance but what does that look like? Is there any advice someone can give us or provide example deals that you would be willing to share on how this works? Many thanks in advance!
Post: Convert Long Term Rental into Short Term Rental
- Investor
- Atlanta, GA
- Posts 11
- Votes 3
Quote from @Josh Green:
Hi @Kristine Cotton!
I haven't heard of any of these companies. We use a co-host who manages most of the business for us, and helped us design and stage the property before listing on the major hosting platforms. She handles client communications, unit turnover, stocks supplies, and tech for listing syndication and reporting.
The only thing I do manually is pay county taxes because the county we operate in uses some antiquated software that's incompatible with Hospitable. All other bills (HOA, utilities, etc) are on auto-pay.
If you'd like for me to connect you with my co-host, just reach out! Our property is in Ellijay, but her company manages properties across the southeastern US. They are local to GA and really great folks.
My contact info is on my profile. Best of luck with everything!
Hey Josh, thanks for the note, I just sent you a separate message.
Post: Convert Long Term Rental into Short Term Rental
- Investor
- Atlanta, GA
- Posts 11
- Votes 3
Quote from @Andrew Steffens:
Hi Kristine!
I do not have first hand knowledge of those particular companies but every national company in the STR space has either burned myself, a client of mine, or has burned someone on this very forum. Typically speaking you are best off going local. Find a local designer with STR experience to do the furnishing and design and a local PM who can bring the best to the table. Good luck!
Hey Andrew, thanks for the reply. We used a local property management company for our first rental property and they were the worst. But the one thing we did learn was what to expect in managing rental properties so we took over after 1 year of using a PM company. Even though it may cost me upfront, I am hoping to do the same with a STR as this will be our first.
Post: Convert Long Term Rental into Short Term Rental
- Investor
- Atlanta, GA
- Posts 11
- Votes 3
Quote from @John Underwood:
I have not used any of these companies but turnkey is going to be much more expensive than you doing this yourself.
You could buy good used furniture from 2nd hand stores or FB marketplace.
You could hire a local handyman to pickup and assemble items.
You could also go to too to go and buy the big stuff and have it delivered.
Other stuff you could order on Wayfair and Amazon and have it shipped to the house.
A local staging company might be willing to help you and coordinate deliveries that you purchase.
Turnkey is going to cost a lot more.
Hey John, thanks for the reply. We expected there to be an additional cost but starting out, we thought it would be a faster way to get bookings via their marketing reach to test the waters and then pivot to self perform once we get an understanding of what's needed to run a STR property. We used a management company for my 1st rental property for a year and they sucked. But learned very quickly what to do and have been self managing ever since.
Post: Convert Long Term Rental into Short Term Rental
- Investor
- Atlanta, GA
- Posts 11
- Votes 3
Hi, we are considering turning our long term rental property into a short rental. This would be our first STR as we have 3 other long term rental properties. My questions is has anyone used a fully turnkey company like Awning or Quantr Rentals to fully setup ( provide furniture, technology, management, etc.) to start your STR? If so can you provide any feedback from using them or refer us to a different company? Any info would be great. Thxs
Post: What is a good Return on Investment (ROI) on renovation costs????
- Investor
- Atlanta, GA
- Posts 11
- Votes 3
We just invested money into updating a kitchen in one of our investment properties. What is the rule of thumb when it comes to the length of time on ROI for renovations?
Post: RE Investor - Advisor
- Investor
- Atlanta, GA
- Posts 11
- Votes 3
@Curt Smith thanks for the info.
Post: RE Investor - Advisor
- Investor
- Atlanta, GA
- Posts 11
- Votes 3
@Jordan Moorhead @Brandon Rush thank you both for sharing info. Can one of you explain what exactly a "mastermind" is? Can you share a link that will give me more detail? Was looking for a more local resource but will read up on this mastermind idea.
Thanks
Post: RE Investor - Advisor
- Investor
- Atlanta, GA
- Posts 11
- Votes 3
Hi, we have been investing in RE for the last 3 yrs or so buying and holding property. We now have some solid ideas and means to optain additional property, specifically multi-family, but we are not sure what route to take when it comes to financing, both traditional an creative. Would love to connect with a local seasoned investor to be a mentor to us on how to maximize our efforts in RE investing. Someone we can run ideas by, provide guidance, and maybe do a deal with one day. But for now we simply need the support of mentor-ship. If you are in the Altanta area or not and willing to educate a couple of newbies please don't hesitate to reach out.
Thanks
C&K